OPEC’s new oil deal puts Saudi Arabia back in charge

Plan to raise output vindicates Saudi Arabia after its similar proposal in June was rejected

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Saudi Minister of petroleum and mineral resources Ali Naimi. OPEC oil producers sealed their first new output agreement in three years in a deal that settles a 6-month-old argument over supply policy firmly in Saudi Arabia's favour (AFP/Getty Images)

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The Organisation of the Petroleum Exporting Countries agreed a target of 30m barrels daily, ratifying current production near 3-year highs. (above) Libya minister of oil and gas Abdurahman Enyezza (AFP/Getty Images)

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The deal vindicates Saudi Arabia after its proposal to raise output in June to stem rising prices was rejected by price hawks led by Iran, Algeria and Venezuela. (above) Nigeria's minister of petroleum Diezani Alison-Madueke (AFP/Getty Images)

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Saudi said it pumped 10 million barrels a day last month, 25 percent above its old OPEC quota. (above) Iran minister of petroleum and president of the Conference, Rostam Ghasemi (C) (AFP/Getty Images)

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In theory the agreement caps output for all 12 OPEC members for the first half of 2012 at levels that should permit a modest rebuilding of lean global inventories (above)\nVenezuela's minister of energy and petroleum Rafael Ramirez (AFP/Getty Images)